At the annual Mansion House dinner on Wednesday George Osborne signalled the closure of the FSA and the transfer of its responsibilities to “a new prudential regulator, which will operate as a subsidiary of the Bank of England.”
Note the ‘prudential’: using Gordon Brown’s second favourite word to imply that the FSA was not up to the job. Which it wasn’t. Never was this more apparent than with Northern Rock where not only was the building society inadequately supervised but the Bank of England was kept in relative ignorance until far too late.
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